Iraq News Highlights and Points To Ponder Friday AM 6-14-24

Iraq News Highlights and Points To Ponder Friday AM 6-14-24

The World Bank Expects Iraq's Economy To Grow In 2025

Posted On06-13-2024 By Sotaliraq   The World Bank expects the Middle East and North Africa economy to grow by 2.8% in 2024 and 4.2% in 2025, due to the gradual increase in oil production and improved activity since the last quarter of 2024.

Expectations for 2024 are lower compared to what was expected in January, and this reflects the impact of extending oil production cuts on the ongoing conflict in the region, according to what the bank stated in its latest issue of the Global Economic Prospects report.

In Saudi Arabia, non-oil activities are expected to support growth rates in 2024, and the gradual resumption of oil activity is expected to lead to increased growth in 2025, according to the report.

In non-GCC oil exporting countries, the expected recovery in the oil sector in 2025 will help boost growth in Algeria and Iraq.

As for oil importing countries, the growth rate is expected to increase in 2024 to 2.9% and then to 4% annually in 2025-2026.

In Egypt, the growth rate is expected to increase due to investment growth, which was partially stimulated by the major deal concluded with the Emirates (Ras El Hekma), according to the report.

Growth is expected to remain stable in Jordan, although tourism-related activities will suffer in the short term.

In Tunisia, growth is expected to rebound, but activity in Djibouti and Morocco is expected to decline in 2024.

The economy of the West Bank and Gaza Strip is supposed to contract by at least another 6.5%, with the possibility of a contraction of up to 9.4%, in 2024.

In Syria and Yemen, the prospects appear not promising and shrouded in uncertainty due to the ongoing conflict, incidents of violence and internal unrest, and tensions in the Red Sea.   LINK

Parliamentary Finance Identifies An “Important” Point That Hinders The Implementation Of The Budget

Money and business   Economy News – Baghdad   A member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that the current year’s budget will be delayed as a result of the appeals submitted to the schedules, indicating the impossibility of implementing it without resolving all the submitted appeals.

Al-Kadhimi said, “The government was supposed to submit the budget schedules at the beginning of this year,” noting that “the delay in sending the schedules to Parliament is unjustified and has greatly affected the financial situation in the country.”

He added, “The government and the Ministry of Finance must send financial allocations to the governorates and ministries to begin implementing projects,” noting that “there is no reason to stop releasing financial allocations.”

Al-Kadhimi wondered “about the reasons for approving a tripartite budget if project funds will be stopped,” and thus this is a negligence attributed to the Ministry of Finance, adding that “projects of the Ministry of Education and Health and other state departments have stopped due to these errors in passing the general budget.”

He pointed out that “there is a parliamentary movement during this period in order to release financial allocations and develop solutions to the crisis so that it does not affect the work of the government and stop the wheel of reconstruction.”   https://economy-news.net/content.php?id=44289

The House Of Representatives Sends The Decision To Approve The Budget Schedules To The Presidency Of The Republic

Friday 14, June 2024 | Political  Number of readings: 356  The House of Representatives sends the decision to approve the budget schedules to the Presidency of 1132505-30b0f40d-a34a-4e4a-81f2-6a2c86ffb31d

Baghdad / NINA / The General Secretariat of the House of Representatives announced that the decision to approve the 2024 general budget schedules had been sent to the Presidency of the Republic for approval./End 5   https://ninanews.com/Website/News/Details?Key=1132505VB

Retroactively... Filing A Lawsuit Against The Ministry Of Finance Over The 2023 Budget

Baghdad today – Maysan   Maysan Council member Hussein Al-Maryani confirmed today, Thursday (June 13, 2024), that a lawsuit had been filed against the Ministry of Finance due to an article in the 2023 Budget Law.

Al-Maryani said in an interview with “Baghdad Today” that “Article (2/First/5/B) of Budget Law No. (13) of 2023, which stipulates (when the selling price of one barrel of crude oil increases over the price fixed in the Budget Law) 30% of the increase in the price difference will be allocated to pay the late dues to the governorates.)

He added, “The price of a barrel of oil in the budget was $70, but the government sold oil at around $79, meaning there is an increase of up to $9 for each barrel, and the law is clear in its text about allocating 30% of the increase to pay the provinces’ dues.”

He pointed out that "30% of the provinces' dues, including Maysan, were not paid, which prompted us to file a lawsuit in the Federal Court against the Ministry of Finance for violating the text of the above-mentioned article to recover our rights."

The government set the price of a barrel of oil in the 2023 budget at $70, but it sold it for around $80, a price that was also fixed in the current year’s 2024 budget.  LINK

Iraq And The United States Are Discussing Efforts To Form A Joint Business Council

Posted On06-13-2024 By Sotaliraq   President of the Federation of Iraqi Chambers, Abdul Razzaq Al-Zuhairi, discussed with US Ambassador Alina Romanski efforts to form a joint business council.

The Union of Iraqi Chambers stated in a statement that “Abdul Razzaq Al-Zuhairi, President of the Union of Iraqi Chambers, received at the Union’s headquarters in Baghdad, the American Ambassador, Alina Romanski, and the two parties discussed strengthening trade and economic relations, and the intention to form a joint business council.”

Al-Zuhairi stressed, according to the statement, that “our relationship is balanced, with all countries that support Iraq’s approach to developing its economy, and we stand at the same distance from all countries for the good of Iraq.”

The statement indicated that, “During their meeting, the two parties reviewed the volume of trade exchange between the two countries, and the ambition to increase it to a level befitting the size of the relationship between Iraq and America, and discussed the prospects for cooperation and association with the Iraqi chambers of commerce, in order to expand the field of economic work and develop the work of the chambers of commerce.”

“In a way that enhances the economic partnership and opens the door to cooperation with the public and private sectors, pointing to the import and export sides and moving forward to enhance that.”

For her part, the ambassador stressed the need to overcome all difficulties regarding granting entry visas to investors and businessmen.

The two sides stressed the issue of mutual delegations in a way that meets the level of ambition, expressing their satisfaction in achieving the desire for joint cooperation at the level of commercial and economic work. LINK

Provoking Thoughts and Points To Ponder On Adversity 

Do not show your wounded finger, for everything will knock up against it.  - Baltasar Gracian

They sicken of the calm that know the storm.  - Dorothy Parker

Trouble is only opportunity in work clothes.  - Henry J. Kaiser

The man who is swimming against the stream knows the strength of it.  - Woodrow Wilson

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.  - Martin Luther King, Jr.

Great occasions do not make heroes or cowards; they simply unveil them to the eyes of men. Silently and imperceptibly, as we wake or sleep, we grow strong or weak; and at last some crisis shows what we have become.  - Brooke Foss Westcott

What does not destroy me, makes me strong.  - Friedrich Nietzsche

I long ago came to the conclusion that all life is six to five against.  - Damon Runyon

(Adversity is) the state in which a man most easily becomes acquainted with himself, being especially free from admirers then.  - Samuel Johnson

Adversity has the same effect on a man that severe training has on the pugilist - it reduces him to his fighting weight.  - Josh Billings

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

More Goldilocks' Comments and Global Economic News Thursday Evening 6-13-24

More Goldilocks' Comments and Global Economic News Thursday Evening 6-13-24

Good evening Dinar Recaps,

Multiple Chinese banks announced their involvement in the mBridge cross-border central bank digital currency (cross-border CBDC) trials after the initiative launched its minimum viable product (MVP) last week.

At least nine Chinese institutions are involved in the project, although that figure might now expand with the MVP. |  Ledger Insights

~~~~~~~~~

Stablecoin issuer Paxos cuts 20% of its staff as PayPal receives Trust charter | Ledger Insights

Stablecoin issuer Paxos sent an email to staff saying it’s cutting its workforce by 65 people or around 20% of its staff. That’s according to The Block and Bloomberg, who viewed a company-wide email that Paxos confirmed. The move comes despite a strong balance sheet. Two weeks ago we reported that PayPal received a New York trust charter for digital assets, which it has not yet formally announced. The two pieces of news may be related.

~~~~~~~~~

Introducing Ripple USD (RLUSD)  |  The Crypto Basic

A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year.

~~~~~~~~~

Worldwide - Oil, Gas & Electricity - Another Major European Bank Withdraws From Fossil Fuel Financing | Mondaq

~~~~~~~~~

United States - Renewables - Treasury Department, IRS Issue Section 45Z Clean Fuel PTC Registration Guidance | Mondaq

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline 

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Thursday Afternoon 6-13-24

Iraq Economic News and Points To Ponder Thursday Afternoon 6-13-24

The Federation Of Iraqi Chambers Discusses With The American Embassy Efforts To Form A Joint Business Council

Thursday 13, June 2024 | Economical Number of readings: 381  Baghdad / NINA / The Union of Iraqi Chambers discussed, with the American Embassy in Baghdad, efforts to form a joint business council.

The Union of Iraqi Chambers said in a statement: “The President of the Union, Abdul Razzaq Al-Zuhairi, received the American Ambassador, Alina Romanowski, and the two parties discussed strengthening trade and economic relations, and the intention to form a joint business council.”

Al-Zuhairi said, according to the statement, “Our relationship is balanced with all countries that support Iraq’s approach to developing its economy, and we stand at the same distance from all countries for the good of Iraq.”

The two parties reviewed the volume of trade exchange between the two countries, and the ambition to increase it to a level befitting the size of the relationship between Iraq and America. They also discussed the prospects for cooperation and association with the Iraqi chambers of commerce, in order to expand the scope of economic work and develop the work of the chambers of commerce, in a way that strengthens the economic partnership and opens the door to cooperation. With the public and private sectors.

Meanwhile, Ambassador Romanowski stressed that all difficulties have been overcome regarding granting entry permits to investors and businessmen.

The two sides stressed the issue of mutual delegations in a way that meets the level of ambition, expressing their satisfaction in achieving the desire for joint cooperation at the level of commercial and economic work./ End  https://ninanews.com/Website/News/Details?key=1132287

The Financial Supervision Authority Announces The Development Of A Systematic Plan To Complete The Final Accounts For The Remaining Years

Office of Financial Supervision Building  Economy News – Baghdad  The Federal Office of Financial Supervision announced, on Thursday, the development of a systematic plan with specific completion dates for the final accounts for the remaining previous years.

The Deputy Head of the Bureau, Qaiser Ghazi Zaghir, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “there are many problems in the state’s final account, including the financial statements submitted by the Ministry of Finance.”

Zaghir added, “The Ministry of Finance collects all the ministries’ final statements and later sends them to the Financial Supervision Bureau,” noting that “there are some obstacles in submitting the data, unifying them, and sending them to the Bureau.”

He pointed out that “relentless efforts were made in coordination between the Financial Supervision Bureau and the Ministry of Finance and under direct guidance by the Prime Minister, and more than one meeting was held between the Ministry, the Bureau and the relevant authorities, and a systematic and specific plan was developed with a specific completion date for the final accounts for the remaining years, as for the final accounts of the ministries individually.” It will continue to be approved for several years until 2023.”

He pointed out that "the last final account was approved in the 2014 budget, and the final account for the year 2015 was also sent to the Council of Ministers to be sent to the House of Representatives. The final account for 2016 was also completed, and the Bureau is now working on auditing the final account for the year 2017."  Views 33   Added 06/13/2024 - https://economy-news.net/content.php?id=44294

The Minister Of Immigration And The Head Of The Financial Supervision Bureau Discuss Combating Corruption And Preserving Public Money

Wednesday 12, June 2024 |Economical Number of readings: 111  Baghdad / NINA / The Minister of Immigration and Displacement, Evan Faiq Jabro, discussed with the head of the Federal Audit Bureau, Ammar Subhi Khalaf,  Wednesday, topics related to combating corruption and preserving public money.

The ministry stated in a statement, “Jabro met with Khalaf at the Bureau’s headquarters in the capital, Baghdad, in the presence of Undersecretary Karim Al-Nouri and the Director General of the Branch Affairs Department, Ali Abbas Jahakir.”

She added, "The meeting discussed several topics related to the quarterly anti-corruption position form and the measures taken by the ministry to preserve public money." https://ninanews.com/Website/News/Details?key=1132188

A Slight Decline In Dollar Prices In Local Markets

Economy | 06/13/2024  Baghdad - Mawazine News  The exchange rates of the dollar against the dinar decreased today, Thursday, in local markets.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate reached 147,000 dinars per 100 dollars, compared to yesterday, Wednesday, of 147,250 dinars per 100 dollars.

While selling prices in banking shops in local markets in Baghdad also recorded a decline, as the selling price reached 148,000 thousand dinars, while the purchasing price reached 146,000 thousand dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decline in its exchange rates in banking shops, as the selling price reached 146,850 dinars per dollar, and the purchase price reached 146,750 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=249629

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Opposition inflames the enthusiast, never converts him.  - J. C. F. von Schiller

The thought that we are enduring the unendurable is one of the things that keeps us going.  - Molly Haskell

If you do things well, do them better. Be daring, be first, be different, be just.  - Anita Roddick

A certain amount of opposition is a great help to a man; it is what he wants and must have to be good for anything. Hardship and opposition are the native soil of manhood and self-reliance. - John Neal

Difficulties, opposition, criticism - these things are meant to be overcome, and there is a special joy in facing them and in coming out on top. It is only when there is nothing but praise that life loses its charm and I begin to wonder what I should do about it.  - Vijaya Lakshmi Pandit

They sicken of calm, who know the storm.  - Dorothy Parker

 http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-13-24

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-13-24

Good Evening Dinar Recaps,

"Singapore Consults on Implementation of Global Minimum Tax"
The Organisation for Economic Co-operation and Development has a 15% tax on multinational enterprises.

Singapore is the latest country to propose the implementation of this tax upon their companies.
This is a market-based collaboration between Global economies designed to develop policy standards that promote sustainable economic growth.

This Capital requirement for the banking system on a global scale comes under pillar 2 banking procedures. Pillar 2 banking supports pillar 1 banking to cover the needs of capital requirements that are not covered in pillar 1. Pillar 3 deals with the open banking system allowing changes to be determined as needed. Below is an article if you would like to do further study on this announcement.

Its purpose is to level the playing field between economies and their opportunities for growth. A unified approach will give countries' currencies the ability to compete with demands for their money based on their own merits and ability to operate a business through the new Basel 3 requirements. Orbitax  StateGov   Acodez

© Goldilocks
~~~~~~~~~

HSBC Announcement | Finance Feeds

"HSBC China has become one of the first foreign banks in the country to provide digital yuan services to both corporate and retail customers."

~~~~~~~~~

Fortune 500 Announcement |  DailyHodl

Currently, over half of the Fortune 500 companies listed on the market are currently in process of interfacing their goods and services on the blockchain.

This means that they have currently begun the process of moving into the new QFS and operating their tokenized asset opportunities through the new digital asset-based trading system.

© Goldilocks
~~~~~~~~~

Zimbabwe is taking an exciting step into the future by launching a public consultation to get opinions on regulating cryptocurrency operations in the country, Bloomberg reports. This is a big change for a nation that has historically struggled with currency issues.

By asking for feedback from the public and talking to industry experts, Zimbabwe aims to balance encouraging innovation in the growing crypto sector with making sure it’s done responsibly and in line with international standards.   Bitcoinist

~~~~~~~~~

Quant ISO 20022 Token utilized on the Shanghai Exchange Announcement:

"Chinese regulators' prompt supervision of quantitative trading will help narrow the gap between programs and individual investors in terms of technology, access to information and speed, thereby boosting the confidence of A-share investors and sustaining the stability of the market in the long run, according to market mavens.

The mainland's three major stock exchanges in Shanghai, Shenzhen and Beijing released on Friday rules on quant trading, or program trading, and solicited public feedback till June 14.

The rules cover six major areas — the management over reporting, trading activities, information systems, high-frequency trading, quant trading via the stock connect program linking the Shanghai, Shenzhen and Hong Kong bourses, as well as supervision."

Quant is a ISO 20022 Network. Quant is a network that connects existing distributed ledger networks such as the Shanghai Exchange to the new digital asset based trading system.

Through the adoption of this ISO 20022 Standard, Quant brings compatibility with traditional financial systems and streamlines secure exchanges of data across several networks simultaneously such as the Shanghai Exchange.  ChinaDaily   CoinCheckup

© Goldilocks

~~~~~~~~~

Bank of Thailand opens DLT programmable payment testing in sandbox - Ledger Insights - blockchain for enterprise

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline 

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Thursday AM 6-13-24

Iraq Economic News and Points To Ponder Thursday AM 6-13-24

Iraqis Are Resorting To “Gold Bullion” Instead Of Money, And The Banking System Is Dying

 Economy | Yesterday, 11:18 |Baghdad today - Baghdad    Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.

 Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money.

 They have begun to save that money through these bullion instead of depositing their money in banks." He stated that  "the reason why citizens resort to buying gold bullion to save their money is as a result of the      weakness of the banking system,     lack of confidence in this system, and     fear for their money due to American sanctions.

 This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the

      high prices of the yellow metal and the

     stability of this price and

     its lack of fluctuation like the dollar.".

 From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.

 With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.

 According to data from the specialized website “Bloomberg”,

 Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.

 Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

 This increase indicates Iraq's continued strategy to

     diversify its foreign reserves and

     enhance financial and monetary stability in the long term.

 This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

 Many simultaneous factors are strengthening the record levels of gold,

 especially in light of the escalation of geopolitical tensions around the world, and

 in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.

 Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as

 it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.    

https://baghdadtoday.news/251372-العراقيون-يلوذون-بـسبائك-الذهب-بدل-الأموال-والنظام-المصرفي-يحتضر.html    

Iraq Raises Its Gold Possessions To More Than 145 Tons

Economy   Possession of gold 2024-06-Shafaq News/ The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

 According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.

 The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and

this amount represents 9.8% of the rest of its other reserves.

 The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

 It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market.  https://shafaq.com/ar/اقتصـاد/العراق-يرفع-حيازته-من-الذهب-ل-كثر-من-145-طنا     

An Economic Expert Rules Out The Possibility Of Establishing A Sovereign Fund In Iraq... And Enumerates The Reasons

 Time: 06/12/2024 15:24:35 Read: 1,638 times   {Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.

Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.” 

He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses."  He pointed out that

 "the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns."  Nouri continued,

  “From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds.

 Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal).

On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.  

 https://alforatnews.iq/news/خبير-اقتصادي-يستبعد-إمكانية-انشاء-صندوق-سيادي-في-العراق-ويعدد-الأسباب    

An Economic Expert "Indicates" A Record Increase In The Volume Of Electronic Payments (POS)

 Economy | Yesterday, 17:55 |Baghdad today – Baghdad   Today, Wednesday (June 12, 2024), economic expert Manar Al-Obaidi indicated a record increase in the volume of electronic payments (POS) for the month of April 2024.

Al-Obaidi said in an explanation on his Facebook platform, followed by “Baghdad Today”, that

 “electronic payments with local cards have reached a record level, the first to be recorded in Iraq, with the value of payments reaching 1.5 trillion Iraqi dinars, an increase of 77% annually. Monthly rate of 10%. He added,

 https://baghdadtoday.news/uploads/posts/2024-06/1718202977_2.jpg

 "Thus, the value of electronic payments for the four months of the year amounted to 5 trillion Iraqi dinars, while the total electronic payments for the year 2023 were approximately 9.6 trillion Iraqi dinars, and the total electronic payments for the year 2022 were 8.2 trillion Iraqi dinars," pointing out that

"it is expected to exceed Electronic payments this year exceed 30 trillion Iraqi dinars.” Al-Obaidi stressed,

  “This increase is due to the policies that were taken, especially in the field of government transactions, which imposed exclusively electronic payment, and the increase in societal culture.”

 https://baghdadtoday.news/251403-خبير-اقتصادي-يؤشر-ارتفاعا-قياسيا-بحجم-المدفوعات-الالكترونية-(pos).html    

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Necessity is often the spur to genius.  - Honore de Balzac

Necessity is the mother of "taking chances."  - Mark Twain

Necessity makes even the timid brave.  - Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them. - Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. - William Ellery Channing

Adversity causes some men to break, others to break records.  - William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent.  - Mary Adams

 http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Thursday Morning 6-13-2024

TNT:

CandyKisses:   Kurdistan Region announces the holiday of Eid

Shafaq News / The Kurdistan Regional Government announced, on Wednesday, the suspension of official working hours, in all governorates of the region, for a week, on the occasion of Eid al-Adha.

“Official working hours in the Kurdistan Region will be suspended from next Sunday, which marks the first day of Eid al-Adha, and until Sunday next week,” government spokesman Pishua Huramani said at a press conference, attended by Shafaq News.

************

Tishwash:  The acting Iranian Foreign Minister arrives in Baghdad

Acting Iranian Foreign Minister Ali Bagheri arrived Thursday morning in the capital, Baghdad, at the head of a delegation on a two-day visit, to hold talks with senior Iraqi officials.

In light of the strategic relations between Iran and Iraq, the visit will focus on expanding relations between the two countries in all fields.

Bagheri's talks in Iraq will address the common interests between the two brotherly peoples, confronting security challenges and threats, as well as the security of the region, and consultation on regional and international issues.

The visit comes while the late Iranian President Ayatollah Ebrahim Raisi was scheduled to pay a three-day visit to Iraq on May 28.  link

************

Tishwash:  Iraq raises its gold possessions to more than 145 tons

The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May. 

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market. link

************

Tishwash:  Iraq seeks to attract foreign investment by amending its laws

The Iraqi Parliamentary Investment Committee aims to amend some investment laws during the next legislative term, with the aim of attracting foreign investments and capital.

According to committee member, Dhia al-Hindi, representatives of the World Bank Group working in investment and private projects were hosted to discuss some paragraphs of laws on investment, which are considered in opposition to sustainable development in Iraq, including the investment law and the company law.

Al-Hindi explained that representatives of the World Bank cited the experiences of the Kingdom of Saudi Arabia and the United Arab Emirates, where the foreign investor in those countries has the right to own and manage the company by 100%, while his share in Iraq is limited to only 49%.

Al-Hindi called for amending some paragraphs of the law to create an attractive environment for investors and capital, noting that amending laws is within the jurisdiction of Parliament, while the laws governing the economic process remain “socialist.”

Al-Hindi stressed that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.

Al-Hindi stated that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council, and then sent to Parliament.

These efforts come within the framework of Iraq's efforts to strengthen its economy and attract foreign investments, especially in light of the economic crises it is experiencing.

It is expected that the amendments to the laws will contribute to improving the investment environment in Iraq and attract more foreign investments and capital, which will contribute to the development of the Iraqi economy and create new job opportunities   link

************

Mot: .. Camping can be Sooo Boring! -- What's there to Do?? -- Ooooh!

Mot: .. Time to get out me ""To Do List""  Pigs in the mall

Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24

Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24

The Dollar Continues To Rise In Local Markets

Economy | 10:27 - 12/06/2024   Baghdad - Mawazine News  The exchange rates of the dollar against the dinar continued to rise today, Wednesday, on the main stock exchange in the capital, Baghdad.

The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,250 dinars for every 100 dollars.

While prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=249571 

Global Oil Prices Record A New High

Economy | 09:14 - 06/12/2024  Oil prices rose on Wednesday, amid optimistic views on global demand from the US Energy Information Administration and OPEC, supported by industrial data that showed US crude oil inventories falling more than expected last week.

By 0400 GMT, Brent crude futures rose 37 cents, or 0.45 percent, to $82.29 per barrel, while US West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $78.36.

The Energy Information Administration raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day from a previous estimate of 900,000 barrels per day, while the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for relatively strong growth in global oil demand, citing With expectations. For travel and tourism in the second half.

Prices fell more than 2 percent last week after OPEC and its allies said they would phase out production cuts starting in October.

Meanwhile, US crude oil inventories fell by 2.428 million barrels in the week ending June 7, according to market sources citing American Petroleum Institute figures. The decline was larger than expected by analysts polled by Reuters.

The data from the Energy Information Administration, the statistical arm of the US government, is scheduled to be released at 10:30 a.m. EST (1430 GMT) on Wednesday.

Investors are also looking forward to the US CPI report, which will be released before the bell on Wednesday, and the US central bank's policy announcement, scheduled for later the same day. https://www.mawazin.net/Details.aspx?jimare=249564

Iraq Signs An Agreement With "IFC" To Develop The Stock Market

Money  and business  Economy News – Baghdad  On Wednesday, the Securities Commission announced the signing of an agreement with the International Finance Corporation to develop the securities market, indicating that this agreement will bring investments and achieve sustainable development.

The head of the authority, Faisal Al-Haims, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the authority signed an agreement to develop the work of the Iraq Stock Exchange after discussions with the International Finance Corporation IFC,” indicating that “the agreement is advisory related to corporate governance and best practices.” Required by companies listed on the Iraq Stock Exchange.

He added, "This contract will be reflected on the Iraqi stock market at the international level, bringing investments and achieving sustainable development according to the plan of Prime Minister Muhammad Shiaa Al-Sudani."

He pointed out that "the project is the first cooperation between the Securities Commission and the International Finance Corporation," stressing that "there are other projects with them in the future."

For her part, Amira Ajaj, responsible for corporate governance and environmental and social standards programs in the Middle East region of the International Finance Corporation, affiliated with the World Bank, expressed her “pleasure with the signing of the agreement in a way that guarantees the authority the use of international expertise from the International Finance Corporation (IFC), affiliated with the World Bank.”

She continued, "The agreement will establish regulatory frameworks for practicing governance for environmental and social standards, which will reflect positively on the listed companies in terms of improved performance and sustainability, and will put Iraq on the path to further development and progress."   Views 46   06/12/2024 - https://economy-news.net/content.php?id=44261

Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities

Money  and business  Economy News – Baghdad  Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, announced today, Wednesday, the success of the pilot census activities in Iraq, while the United Nations Population Fund confirmed its full readiness to provide all types of support to ensure the success of the general population census.

A statement from the Ministry of Planning, received by Al-Iqtisad News, stated that “Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim received the Regional Director of the United Nations Population Fund, Laila Bakri, and her accompanying delegation, which included the Fund’s resident representative in Iraq, Nestor Ohanji, and a number of... Specialists and experts.”

He pointed out, "During the meeting, prospects for joint cooperation between the two sides were discussed, especially with regard to population issues, confronting climate change, and economic diversification."

The statement added, "The Minister reviewed the ongoing preparations and procedures to implement the general population and housing census, which is scheduled to be conducted next November."

The Minister of Planning confirmed, "The success of the pilot census activities, which will end tomorrow, Thursday," praising "the level of support provided by the United Nations Population Fund for the census activities."

For her part, Bakri expressed “the Fund’s readiness to provide all possible types of support to ensure the success of the population census, given the importance of this project in formulating policies and long-term development plans.”   06/12/2024 - https://economy-news.net/content.php?id=44255

Learn About The Central Bank's Sales Of The Dollar

Economy | 02:15 - 06/12/2024   Baghdad - Mawazine News  The Central Bank’s sales amounted to more than 280 million dollars today, Wednesday, during the currency auction.

In its auction today, the bank sold 280 million, 112 thousand, and 118 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 256 million, 202 thousand, and 188 dollars, an increase of 91% over cash sales of 23 million, 910 thousand dollars.   https://www.mawazin.net/Details.aspx?jimare=249591

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Necessity is often the spur to genius.  - Honore de Balzac

Necessity is the mother of "taking chances."  - Mark Twain

Necessity makes even the timid brave.  - Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them. - Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. - William Ellery Channing

Adversity causes some men to break, others to break records.  - William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent.  - Mary Adams

 http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24

Good evening Dinar Recaps,

"BASEL COMMITTEE MUST STOP GLOBAL BANKS FROM CONTINUING TO CHEAT ON KEY REGULATORY TESTS AND ENDANGERING FINANCIAL STABILITY" | BetterMarkets

These tests include examinations of the bank's capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to systemic risk.

The above sentence is otherwise known as stress tests. A stress test determines how well a bank is capable of handling a liquidity crisis.

The OCC and FDIC conduct several tests to measure a bank's capacity to withstand transitional periods like we are in at the present time.

These tests are conducted to prevent crisis interventions and collapse situations that could become a contagion to other Banks.

Tighter controls on the new digital banking system are not only expected, but they will determine the compliance level a bank has in their standing going forward.  BetterMarkets

© Goldilocks
~~~~~~~~~

BRICS: BRICS calls for enhanced use of local currencies in trade between member countries - The Economic Times

~~~~~~~~~

Joint Statement of the BRICS Ministers of Foreign Affairs/International Relations, Nizhny Novgorod, Russian Federation, 10 June 2024 - The Ministry of Foreign Affairs of the Russian Federation | Ministry of Foreign Affairs

~~~~~~~~~

Call to Action: ISSB Global Adoption

"The International Sustainability Standards Board (ISSB) is an independent, private-sector organization that develops and approves IFRS Sustainability Disclosure Standards."

The International Financial Reporting Standards are intended to make financial statements consistent, transparent, and comparable around the world.

The IFRS S1 and IFRS S2 are climate standards on an economy looking to be accepted on a world wide basis by 2025.

"IFRS S1 requires companies to disclose material information on all sustainability-related risks and opportunities that could reasonably be expected to affect their prospects. IFRS S2 sets out the requirements for climate-related disclosures."

Sustainability-related risks deal primarily with liquidity issues surrounding the banking system such as Governmental risks and economic factors.

Greenhouse gas (GHG) emissions is a climate-related risk. It is a climate related disclosure being proposed, and how, the banking system will be a part of managing those risks ie car loans.

Many compliance rules are expected to shift inside the new digital economy along with climate risks that will affect banking operations. This is one of the new adaptations that is being called for to help us adjust to our changing world.

As you can see from the previous article, new changes are being developed and governed by the ruling bodies above and beyond the banking system to recommit their International compliance standards inside this new digital banking system.   CorpGovLaw   EY   IFRS   PWC   Zurich

© Goldilocks

~~~~~~~~~

National and International governing bodies are starting to get involved with their new policies that will govern the new digital banking system.

This gives us an indication that the governing bodies of our new banking system are beginning to shift their attention to new rules and regulations that will move our money going forward.

© Goldilocks

~~~~~~~~~

How will Europe's elections impact digital euro legislation? - Ledger Insights - blockchain for enterprise

~~~~~~~~~

Russia intends to perform its first cross-border payments using the digital ruble in the second half of 2025. Central bank digital currency (CBDC) transactions with China or Belarus are on the cards. That’s according to Anatoly Aksakov, who chairs the Financial Markets Committee of Russia’s State Duma. |  LedgerInsights

~~~~~~~~~

Panel perspectives: Navigating the new waves of supply chain finance |  TradeFinanceGlobal

~~~~~~~~~

Project Cedar, Explained (Wholesale Central Bank Digital Currency Prototype).  How the 7 trillion dollar a day Forex Market will move its money. | Youtube

~~~~~~~~~

We are moving from a World Reserve Asset transaction to Central Bank Digital Ledger Technological (blockchain) transactions.

© Goldilocks

~~~~~~~~~

~~~~~~~~~

🚨BREAKING: BRICS Says 59 Nations Plan to Join, New Financial System, Dedollarization Priorities | Youtube

~~~~~~~~~

A Distributed Systems Reading List | Ferd CA

~~~~~~~~~

Putin Says BRICS Developing Independent Payment System Free From Political Pressure – Featured Bitcoin News

~~~~~~~~~

Ripple Completes Acquisition of Standard Custody & Trust Company – News Bytes Bitcoin News

~~~~~~~~~

Saudi Arabia's petro-dollar exit: A global finance paradigm shift | The Business Standard

~~~~~~~~~

Russia’s Moscow Exchange to stop trading in dollars after latest US sanctions | ARA TV

~~~~~~~~~

~~~~~~~~~

FOMC Press Conference June 12, 2024 | Youtube

~~~~~~~~~

~~~~~~~~~

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline 

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Wednesday 6-12-2024

TNT:

Tishwash:  Kuwait connects its “Fiber” network to Iraq

The Kuwaiti telecommunications company Zajil, revealed that its “Fiber” network had been delivered to the borders of the two countries with Iraq.

The advisor to the company’s board of directors, Engineer Walid Saleh Al-Qallaf, told “Al-Sabah”: “The company is currently working on connecting from Kuwait to Al-Faw directly,” indicating “the operation of the Safwan port, which will be followed by the operation of the Al-Faw port, so that Iraq will be a major corridor for passing the network, not only in the Gulf.” But for the countries of East Asia, it will be synonymous with the Egyptian corridor.”

He added, "The Iraqi corridor needs full encouragement and government support to make it successful, as it is necessary and fundamental to the completion of these projects," noting that "Iraq has become the focus of attention of countries and major international companies due to the incidents that took place in the Red Sea and the fear of the cessation of communications through this corridor."

Al-Qallaf stated that “the incidents that took place in the Red Sea are a warning bell to search for a backup corridor for the Suez Canal, as heading towards Iraq was to be a successful corridor for these projects.”  link

************

Tishwash:  Iraqis resort to “gold bullion” instead of money, and the banking system is dying

Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.

Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money. They have begun to save that money through these bullion instead of depositing their money in banks."

He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions. This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the high prices of the yellow metal and the stability of this price and its lack of fluctuation like the dollar." .

From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.

With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.

According to data from the specialized website “Bloomberg” , Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.

Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Many simultaneous factors are strengthening the record levels of gold, especially in light of the escalation of geopolitical tensions around the world, and in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco  link

************

Tishwash: Beijing: Iraq is the third largest Arab trading partner with China

Today, Wednesday, the representative of the Chinese Embassy, ​​the Commercial Counselor of the People's Republic of China in Iraq, Xu Chun, revealed cooperation between the Ministry of Higher Education and Huawei to build the Information Technology Academy, while noting that Iraq is China's third largest trading partner among Arab countries.

During the conference on smart education, in cooperation with Huawei Technology, and attended by the Iraqi News Agency (INA) correspondent, Chun expressed his "happiness to attend the smart education event organized by the Ministry of Higher Education and Scientific Research in Iraq in cooperation with Huawei."

He added, "Iraq is one of the first Arab countries to establish diplomatic relations with China," noting that "the Iraqi government worked to actively manage governance and achieved remarkable results in maintaining social stability, advancing economic reform, and improving infrastructure and public services."

He pointed out that "China is Iraq's largest trading partner and China's third largest trading partner among Arab countries," noting that "the support from the two governments has led to progress in some projects of commercial and social value and a continuous deepening of cooperation in the fields of energy, infrastructure, and others." .

He added, "With the continuous development of information technology and its in-depth application, the demand for digital transformation in Iraq has increased. Since the end of last year, the Iraqi government has given great importance to accelerating the digital transformation process, and there have been a series of developments in the field of electronic passports and other government services."

He continued, "We are pleased to see cooperation between Huawei, the Ministry of Higher Education and Scientific Research, and local universities to build the ICT Academy, which aims to provide online lessons, provide a global exchange and competition platform for teachers and students, encourage students to obtain Huawei's professional and technical certificate, and develop talents." Innovation and technology applied to society and the ICT industry chain.”

He explained, "President of the People's Republic of China, Xi Jinping, stressed in his speech during the opening session of the tenth session of the ministerial meeting of the China-Arab Cooperation Forum, deepening cooperation, following up on the work of the past, paving the way for the future, and accelerating the pace of building the Chinese-Arab community for a common future."

He continued, "The digital age represents the key to accelerating the improvement of the digital infrastructure on a large scale, enhancing the infrastructure of networks, computing and applications in a coordinated manner and linking them with data for continuous economic and social development," expressing his "aspiration for more cooperation with Chinese companies." "To exchange experiences and cooperate with the Iraqi government and companies and actively participate in the digital transformation process in Iraq, in order to continue to advance the strategic partnership relations between China and Iraq to a higher level."

For his part, CEO of Huawei Iraq, William Yang, said: “We are keen to employ our global capabilities and expertise to develop and hone the skills of local talent and provide a full range of education digitization solutions designed for Iraq.”

He continued, "The partnership with the Ministry of Higher Education will provide Iraqi students with access to the latest technologies and recognized certificates in this field, instilling and strengthening a culture of innovation and entrepreneurship, as well as promoting the establishment of an effective smart campus by strengthening the basic education network and simplifying cloud platforms." And implementing smart classroom applications. 

He added, "Given our confidence in the excellence of Iraqi talent at the regional and global levels, we are convinced that this cooperation will have a positive and sustainable transformative impact on the information and communications technology sector in Iraq, leading to bridging the digital gap, creating more job opportunities, and driving economic and social growth in Iraq." "The country."

He pointed out that “the Huawei ICT Competition, which is held annually, focuses on developing scientific and technological talent by highlighting realistic practices and needs in the technology sector, as well as urging participants to design innovative solutions that contribute to creating social and commercial value using modern technologies.”

 The “Seeds for the Future” program also provides young talents with training courses and participation in international competitions that enhance the presence of intercultural exchange and the transfer of knowledge and experiences,” pointing out that “the programs include activities for graduates that focus on adopting the use of digital technology, in a way that enhances entrepreneurship and supports paths of development and growth.” Various sectors and industries.

He stressed, "Huawei, as a leading global company in providing infrastructure and smart devices for information and communications technology, is committed to putting its capabilities and expertise to develop the information and communications technology sector in the countries in which it operates, and its business strategy aims to harness technology to advance social and economic sustainability in the long term."  link

************

Mot .. Bet Ya Didn't Knows This Stuff!!! 

Mot:  . oooooooooooh - What a cute little baby porcupine

Iraq Economic News and Points To Ponder Wednesday AM 6-12-24

Iraq Economic News and Points To Ponder Wednesday AM 6-12-24

Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary

Time: 06/11/2024 20:21:14 Read: 1,911 times   {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.

Antoine told {Al-Furat News} that:

 “The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.”  He added,   "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and  there is not much demand for the dollar.

The pumping continues, demands are met, and speculation operations have been controlled." 

Antoine pointed out, "It is possible that there will be a slight increase during the Eid al-Adha period; unless the banks continue to take their share of it and pump it to the markets, we will be able to control it in general."

 Today, Tuesday, selling prices in the field of banking in the local markets in Baghdad reached 148,750 Iraqi dinars for 100 dollars, while purchasing prices reached 146,750 dinars for 100 dollars. 

https://alforatnews.iq/news/خبير-التعامل-بالدولار-باقي-والمضاربات-بالأسعار-وقتية    

Unusual”... A Government Advisor Proposes The Idea Of ​​Establishing A Sovereign Wealth Fund

 Time: 06/11/2024 21:11:57 Read: 2,717 times  {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.

Saleh said {to Al-Furat News} that:

 “The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.”

Outside their countries through a fund called the Sovereign Wealth Fund (SWF) whose function is to manage the investment of surpluses in financial and real assets outside their countries, and

the reason is due to an issue called “weak absorption capacity.”  He explained,

"That is, the weakness of the ability to transfer those surplus savings from revenues from exporting natural resources into investments within the state itself due to many internal structural factors

(because the surplus saving resources resulting from a surplus in the current accounts of its balance of payments exceed its available capabilities to spend or spend on internal development projects or investment."

 Those revenues from exports are immediately invested in operations within the economy, noting that

those surpluses are capital assets that can be reinvested and generate value-added chains that multiply the national income of their countries many times over. 

Saleh added,   “Based on the above, sovereign funds have emerged in the world (which today are governed by standard operating rules called the Santiago Principles (which are principles established by the International Monetary Fund to evaluate and govern the work of these funds),” noting that

 “Iraq (unfortunately) has exhausted Its balance of payments surpluses were consumed by wars and conflicts during the same period, 1980-2003, in which the world’s sovereign wealth funds increased, while during those arduous decades our country turned into a group of “deficit” countries and fell into the trap of foreign debt, specifically since the year 1980 and the escalation of the Iran-Iraq war.".  He went on to say,

 "So far, our country is not considered one of the countries of financial surplus, and the

 reserves of the Central Bank of Iraq supporting the stability of the Iraqi dinar, which currently amount to more than 100 billion dollars, are invested in a very specific portifolio investment portfolio, which is a semi-sovereign wealth fund, and foreign reserves are assets."

 Financial instruments are always semi-liquid and do not involve long-term investments, such as shares in factories or real estate, as other sovereign wealth funds do.

Rather, reserves are invested in short-term, low-interest financial instruments, such as US Treasury bonds and others with a high credit rating of Aaa, and they tend to be always semi-liquid and low-risk. Through safe investments, but usually with low or fixed returns.  Saleh said,

 “However, the foreign reserves of central banks are not considered among the sovereign wealth funds (such as the Norwegian, Saudi, Chinese, and other funds currently),” stressing,

“We should think from outside the box, as it is said, by establishing a sovereign wealth fund for Iraq.” Although our country is not classified as a group of surplus countries.”

Waad, Iraq “currently is the ninth country in terms of natural wealth and is among the world’s countries of more than 188 countries, and

 the natural wealth of the race in the ground is estimated at approximately 16 trillion US dollars,” explaining,

“If we exclude oil and gas, it is possible to establish an effectiveness to manage a sovereign wealth fund.” As follows:

 A- Establishing an Iraqi government holding company with global partnerships to help invest these natural resources.

 B- The holding company undertakes to reinvest the returns from natural resources

      (i.e., which are in the possession of the holding company) and

     direct them to various internal investments,

     directing their profits towards the accumulation of assets of a *sovereign wealth fund* and the

     holding company undertakes reinvestment activities for the benefit of the internal sovereign wealth fund itself, i.e.

 The  fund's returns are in reinvestment in investment opportunities to diversify the national economy.

 That is, through (managing an internal sovereign wealth fund for reinvestment, but within the economy itself).  Saleh concluded by saying,

“This is the summary of my idea that I am defending in establishing an Iraqi sovereign wealth fund,

      but within the national economy, and

     it is responsible for reinvesting the proceeds of the fund itself in development projects, with two parts, a

     part that remains for the benefit of the fund itself and a

     part that goes for the benefit of the national economy within the development program.

 Also, The method of managing investments through a joint public holding company affiliated with the internal sovereign fund itself is the mechanism used to invest the fund’s resources by diversifying some aspects of the national economy into agriculture, industry, services, and available economic opportunities.”  https://alforatnews.iq/news/غير-مألوفة-مستشار-حكومي-يطرح-فكرة-تأسيس-صندوق-للثروة-السيادية     

The Center For Banking Studies Organizes An Educational Workshop On Anti-Money Laundering Procedures

 June 11, 2024  The Center for Banking Studies at the Central Bank of Iraq organized an educational workshop on the Anti-Money Laundering and Terrorist Financing (GOAML) system for workers in exchange companies.

 The center confirmed that the workshop aims to increase the awareness of officials and workers in the field of reporting suspected cases of money laundering in exchange and electronic payment companies.

The workshop focused on the other goal, which was to introduce the Financial Action Task Force (FATF) standards to the participants and urge them to apply them in their areas of work.

 The workshop will last for three days, and

      workers in category (A) exchange companies participate on its first day, while

     workers in category (B) exchange companies participate on its second day, and the

     third and final day witnesses the participation of workers in electronic payment companies.

 Central Bank of Iraq   information Office  June 11, 2024   https://cbi.iq/news/view/2606    

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

 Necessity is often the spur to genius.  - Honore de Balzac

Necessity is the mother of "taking chances."  - Mark Twain

Necessity makes even the timid brave.  - Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them. - Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. - William Ellery Channing

Adversity causes some men to break, others to break records.  - William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent.  - Mary Adams

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html 

Iraq Economic News and Points To Ponder Tuesday Evening 6-11-24

Iraq Economic News and Points To Ponder Tuesday Evening 6-11-24

Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary

Time: 06/11/2024 Read: 637 times  {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.

Antoine told {Al-Furat News} that: “The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.”

He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar. The pumping continues, demands are met, and speculation operations have been controlled."

Antoine pointed out, "It is possible that there will be a slight increase during the Eid al-Adha period; unless the banks continue to take their share of it and pump it to the markets, we will be able to control it in general."

Today, Tuesday, selling prices in the field of banking in the local markets in Baghdad reached 148,750 Iraqi dinars for 100 dollars, while purchasing prices reached 146,750 dinars for 100 dollars.   LINK

Oil Prices Rise Thanks To Hopes Of Increased Demand For Fuel

Energy  Economy News Baghdad  Oil prices rose at the beginning of trading on Tuesday, continuing their gains for a second day thanks to hopes of rising seasonal demand for fuel and potential US purchases to increase the strategic petroleum reserve, despite the rise in the dollar that limited the gains.

By 0038 GMT, Brent crude futures rose 28 cents, or 0.3 percent, to $81.91 per barrel, and US West Texas Intermediate crude futures increased 31 cents, or 0.4 percent, to $78.05.

Crude prices rose about three percent, on Monday, to their highest level in a week, supported by expectations of increased demand for fuel in the summer, despite the rise in the dollar and expectations that the Federal Reserve (the US central bank) will keep interest rates high for a longer period. Views 71 06/11/2024 - https://economy-news.net/content.php?id=44205

A New Boom For (The Green Leaf)... Find Out The Exchange Rate In Baghdad And Erbil

Economy | 10:21 - 11/06/2024  Baghdad - Mawazine News  The dollar exchange rates rose today, Tuesday, in the markets of Baghdad and Erbil.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Monday, prices recorded 146,750 dinars for every 100 dollars.

Selling prices also increased in banking shops in local markets in Baghdad, where the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

As for Erbil; The dollar also recorded an increase in banking shops, the selling price was 146,900 dinars compared to 100 dollars, and the purchase price was 146,800 dinars compared to 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=249507

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could.  - Roman Polanski

Adversity is, to me at least, a tonic and a bracer.  - Sir Walter Scott

Difficulties should act as a tonic. They should spur us to greater exertion.  - B. C. Forbes

There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it.  - Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war.  - Marcus Annaeus Seneca

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles. - Washington Irving

Every calamity is a spur and valuable hint.  - Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude.  - Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.  - John Heywood

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24

Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24

Good Evening Dinar Recaps,

"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."

This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.

There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.

"Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.”

In 2022, real value transactions took place on a pilot program and were successful. This project has been coordinated with the Bank of International Settlements, and it is expected to be available by mid-2024.

Since mbridge has reached its minimum viable product stage, it is now able to invite the International community to begin interfacing onto this section of the QFS.

© Goldilocks
Crowdfund Insider

As of June 2024, the observing members to Project mBridge include: Asian Infrastructure Investment Bank, Bangko Sentral ng Pilipinas; Bank Indonesia; Bank of France; Bank of Israel; Bank of Italy; Bank of Korea; Bank of Namibia; Central Bank of Bahrain; Central Bank of Chile; Central Bank of Egypt; Central Bank of Jordan; Central Bank of Malaysia; Central Bank of Nepal; Central Bank of Norway; Central Bank of the Republic of Türkiye; European Central Bank; International Monetary Fund; Magyar Nemzeti Bank; National Bank of Cambodia; National Bank of Georgia; National Bank of Kazakhstan; New York Innovation Centre, Federal Reserve Bank of New York; Reserve Bank of Australia; South African Reserve Bank; and World Bank.   BIS   Ledger Insights   Product Plan

~~~~~~~~~

According to this report, supply and demand issues in trade are currently in an imbalanced state. The demand for goods and services has steadily grown since the Covid-19 pandemic, and first quarter numbers show a significant growth for the United States and for China. Yet, we are not out of the woods, and supply and demand need to be brought into equilibrium.

High demand is good for traders, and it looks good on the Markets. It is the supply side that is lacking at the present moment due to inflated prices on goods and services. In order to balance the economy and make it grow steadily and forward, there needs to be more attention on moving the products across the country. This will increase money flow and demands on our Stablecoins that in turn gives more purchasing power to our currencies.

Here is where monetary policies come into play. As we move into a tokenized asset and gold token regimen for payment, this will stimulate the process of deflating the economy. A shift in interest rate reduction or remaining steady will give our suppliers liquidity capable of catching up to the demands of companies across the United States and China. 

We are at a wait-and-see approach on the FOMC meeting. The changes made at this meeting and the next one are critical to the transition of our economy and it's moving back into profitable status. Supply Chain Brain Investopedia

WATCH THE WATER.

© Goldilocks

~~~~~~~~~

When will the next fed rate cut be? Look ahead to future FOMC meetings | Investopedia
~~~~~~~~~

Mastercard Launches Open Banking Solutions in Partnership With Atomic to ‘Enhance User Experiences’ |  The Fintech Times

Payments giant Mastercard has integrated Deposit Switch and Bill Pay Switch into its open banking platform, in a move that enables consumers to automatically switch their direct deposits and update their recurring bill payments, when opening a digital account or when updating information on an existing account.

~~~~~~~~~

XRP COULD BECOME THE WORLD'S RESERVE CURRENCY - RIPPLE XRP NEWS | Youtube

~~~~~~~~~

Iraq Seeks $2.5 Billion Missile System from South Korea #iqd #vnd #htg #ZiG Rates | Youtube

~~~~~~~~~

Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements | Coin Trust

~~~~~~~~~

Italian Banking Association trials two styles of wholesale CBDC - Ledger Insights - blockchain for enterprise

~~~~~~~~~

Fidelity Intl tokenizes fund on JPM Tokenized Collateral Network - Ledger Insights - blockchain for enterprise

~~~~~~~~~

Solar-Powered Planes Are Ready to Take Off (And Fly for Months at a Time) - WSJ

~~~~~~~~~

BREAKING NEWS:

Apple unveils "tap to pay" between iPhones! 📲

Apple is interconnected with Ripple's Interledger Protocol! 🤝🏼

All the roads lead to one destination and the destination is called #XRP 💎  Crypto Barbie on Twitter

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline 

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Tuesday Afternoon 6-11-24

Iraq News Highlights and Points To Ponder Tuesday Afternoon 6-11-24

Parliamentarian: The Basra-Aqaba Oil Pipeline Does Not Achieve Economic Feasibility For Iraq

Economy   Information/Baghdad..  On Tuesday, the representative of Basra Governorate, Rafiq Al-Salhi, considered the agreement to extend the oil pipeline from Basra to the Jordanian port of Aqaba as a failed project that does not achieve any economic benefit for Iraq, and the only beneficiary from it is the Jordanian side.

Al-Salhi said in a statement to the Al-Ma’louma Agency, “The project to extend an oil pipeline from Basra to Aqaba is a failed project and will cost the country large sums of money because it has no economic benefit for Iraq and the only beneficiary is the Jordanian side.”

He added, "The shipping and pumping costs operations will drain large amounts of money and costs compared to exporting it from the ports of Basra, as the cost of exporting one barrel from the ports of Basra is estimated at 6 cents, while the cost of a barrel from the port of Aqaba exceeds four dollars. This is a waste of money, in addition to its security risks related to protecting... Pipeline from terrorism or international targeting.”

Al-Salhi pointed out that "the project faces widespread criticism from oil specialists, so we categorically refuse to initiate the project now or in the future."

It is noteworthy that the Basra-Aqaba oil pipeline project is a proposed project to transport crude oil from the Rumaila field, in southern Iraq, to ​​Aqaba, in southern Jordan. Its length is 1,700 km. LINK

After Returning It For The Purpose Of Auditing...The Iraqi Facts Address Parliament To Send The Budget Schedules

Shafaq News/ Ministry of Justice spokesman, Ahmed Laibi, said on Tuesday that the Iraqi Facts Department addressed the House of Representatives with an official letter in order to send the schedules of the Federal Financial Budget Law for the year 2024 in order to publish them in the Official Gazette.

Laibi explained in a statement to Shafaq News Agency, that there are communications between the Facts Department and the House of Representatives to complete the procedures and publish the budget tables in the Iraqi Facts newspaper.

For his part, a parliamentary source told the agency that this measure comes after the Real Estate Department returned the budget law schedules to the House of Representatives for the purpose of scrutinizing some articles and paragraphs of the law, but the House was late in sending them again.

The source added that the Council must return the budget law schedules before the end of this week and the Eid al-Adha holiday to avoid further delays.

At the beginning of last May, the Iraqi Council of Representatives voted on the budget schedules for the current year, 2024.

The budget included securing scholarships for university and school students, and increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implementing the terms of contracts, appointments, and those whose contracts were terminated.

It also included allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees' salaries, and allocations for disbursing end-of-service rewards to civilian and military retirees.

As well as increasing social welfare allocations to include more than 650,000 new families, increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing, and allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops.

At the beginning of this June, a member of the Parliamentary Finance Committee, Jamal Cougar, revealed an important step towards approving Iraq’s budget for the current year.

Koçer told Shafaq News Agency at the time that the House of Representatives voted on the budget law schedules and sent them in an official letter to the Ministry of Justice for the purpose of publishing them in the Iraqi newspaper Al-Waqe’i.

He stated that the budget schedules do not need to be approved by the Presidency of the Republic, given that Parliament voted last year on the three-year budget law.

He added that after publishing the budget tables in the Official Gazette, the Ministry of Finance and the Ministry of Planning will disburse operational and investment expenses, allocations and financial dues to ministries, institutions, bodies and government agencies, in addition to disbursing the governorates’ dues as specified in the budget tables.  LINK

Al-Muttalabi: The 2024 Budget Was Fair To The Ministries At The Expense Of The Provinces

Policy  Information / Baghdad...  The former member of the Baghdad Provincial Council, Saad Al-Muttalabi, confirmed on Tuesday that there was an imbalance in directing budgets towards ministries instead of directing them towards local governments as they are concerned with service projects in their areas.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Al-Muttalabi told Al-Maalouma Agency, “The ministries’ projects differ from the governorate’s projects, which is considered a local administrative unit that has its direct needs from the municipal directorates spread throughout the regions.”

He added, "Each municipality affiliated with the governorate has its own projects, needs, and plan, and they are presented to the advisory and engineering body in the governorate to be studied and drawn up. Its plan is sent to the Ministries of Planning and Finance, where the sent plan includes realistic solutions for the area in question, while the ministry does not look at such matters, but rather works." According to a federal strategic plan.

He stated, "It is a mistake for the budget to be directed to the ministries and the governorates and their projects and service plans are ignored. In addition, it is considered a constitutional flaw, as the projects must be primarily local, with the exception of security." LINK

After OPEC's Decision To Reduce Cuts... Iraq Increases Its Production By 40 Thousand Barrels Per Day

Energy   Economy News _ Baghdad   Iraq increased its production by 40,000 barrels per day during the month of May, after OPEC’s decision to reduce cuts, according to a survey conducted by S&P Global Commodity Insights on June 10.

The nine OPEC members subject to quotas boosted crude oil production by 100,000 bpd in May, led by Nigeria and Iraq, pushing the group 320,000 bpd above their collective targets, while the bloc's allies led by Russia cut production.

Iraq increased its production by 40,000 barrels per day to reach 4.28 million barrels per day, which is 280,000 barrels per day more than its current target, despite its agreement in May to compensate for the surplus production. The Platts survey estimates current oil production in the Kurdistan Region of Iraq at 210,000 barrels per day.

Iraq's production reached 4.28 million barrels per day, up from the previous month, which reached 4.24 million barrels per day.  Views 36  06/11/2024 - https://economy-news.net/content.php?id=44222

Provoking Thoughts and Points To Ponder On Adversity:

Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could.  - Roman Polanski

Adversity is, to me at least, a tonic and a bracer.  - Sir Walter Scott

Difficulties should act as a tonic. They should spur us to greater exertion.  - B. C. Forbes

There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it.  - Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war.  - Marcus Annaeus Seneca

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html